The production of wood chips, wood particles, and wood residues in China has shown fluctuations over the past decade. In 2023, the production stood at 152.18 million cubic meters. Between 2022 and 2023, there was a modest year-on-year increase of 2.56%. Over the past two years, the data reflects a minor average growth rate of about 1.03%. The compound annual growth rate (CAGR) over the last five years (from 2018 to 2023) was relatively low at 0.51%, indicating a phase of slow but steady growth.
Looking forward, the forecast from 2024 to 2028 suggests a continued upward trend with a projected 5-year CAGR of 1.81%, resulting in a forecasted growth rate of 9.36% by 2028. This indicates a more optimistic outlook for the future, with production expected to reach 170.51 million cubic meters by 2028.
Future trends to watch for include:
• Increasing demand for sustainable and renewable energy sources, potentially boosting production.
• Government policies and infrastructure developments in China that might influence the production of wood-based materials.
• Technological advancements in the processing and utilization of wood residues and particles, enhancing efficiency and output.
